Final answer:
The statement is true; consulting services are typically considered a qualified trade or business for the 20% QBI deduction, although there may be income-based limitations for certain service businesses like consulting.
Step-by-step explanation:
Consulting services are generally considered a qualified trade or business for purposes of the deduction for qualified business income, meaning the statement is True. According to the IRS under the Tax Cuts and Jobs Act, most non-C corporations, including sole proprietors, partnerships, S corporations, and some trusts and estates, may be eligible for a 20% deduction on their qualified business income (QBI) which includes income from consulting services. However, it's important to note that certain service businesses, like consulting, may have limitations on this deduction based on the taxpayer's taxable income.